News COVID-19

US Senate Increases Funding to Small Businesses

Order Reprints

April 8, 2020—The U.S. Senate has passed the third coronavirus stimulus package, H.R. 748, the Coronavirus Aid, Relief & Economic Security Act (CARES Act), as noted in a press release from the Automotive Service Association (ASA).

The act includes increased funding and relief for small businesses and loan forgiveness programs.

According to the bill, provisions provide a refundable payroll tax credit for 50 percent of wages paid by employers to employees during the COVID-19 crisis. The credit is available to employers whose operations were fully or partially suspended, due to a COVID-19- related shut-down order, or gross receipts declined by more than 50 percent when compared to the same quarter in the prior year.

To find more information on the provisions, here is a highlighted list and summary provided by ASA.

 

Related Articles

Half of US Small Businesses Hire Professionals to Build, Maintain Websites

Facebook Plans Privacy Training Events for US Small Businesses

State Announces $225 Million to Small Businesses

You must login or register in order to post a comment.